CA Ventures has sold its initial UK PBSA portfolio of 897 beds for £161m to funds managed by Apollo Global Management.
The offloaded student homes comprise the 250-bed Hillside House in Sheffield, the 422-bed Bridle Works in Glasgow and the 225-bed Silk Mill in Edinburgh (pictured).
The move comes as all three PBSA schemes reached 100% leased status in their first year. This was achieved and managed by CA’s in-house PBSA operating platform, Novel Student. PGIM Real Estate provided financing solutions to CA to support the development of the three sites.
Sonia Wang, associate director at Savills Capital Advisors, which advised the seller, said: “The significant level of interest in this portfolio demonstrates both the high quality of assets that our client created and continued investor interest in the resilient UK PBSA market.”
Looking ahead, CA plans to deliver 1,000 beds across Edinburgh, Leicester and Belfast to serve students during the 2022/2023 academic year, all of which will be managed by Novel.
Carlo Matta, head of CA’s European operations, said: “With another 6,000 beds across Europe in our development pipeline and the backing of institutional capital, I couldn’t be more excited for the future of CA’s European operations.”
CA has announced joint ventures to expand its PBSA portfolio and the Novel platform to Ireland, Spain and Italy.
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